Foster & Motley Inc. Has $1.92 Million Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Foster & Motley Inc. lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,727 shares of the construction company’s stock after purchasing an additional 629 shares during the period. Foster & Motley Inc. owned 0.08% of Patrick Industries worth $1,924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Patrick Industries by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after buying an additional 21,735 shares during the period. Janney Montgomery Scott LLC raised its stake in Patrick Industries by 457.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock worth $1,774,000 after purchasing an additional 14,510 shares in the last quarter. Norges Bank acquired a new stake in Patrick Industries in the 4th quarter worth about $14,782,000. US Bancorp DE boosted its holdings in Patrick Industries by 1.3% in the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after purchasing an additional 95 shares during the period. Finally, BTC Capital Management Inc. acquired a new position in shares of Patrick Industries during the 1st quarter worth approximately $303,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $124.63 on Friday. Patrick Industries, Inc. has a twelve month low of $70.15 and a twelve month high of $136.00. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The stock’s 50-day simple moving average is $121.30 and its 200 day simple moving average is $114.86. The firm has a market capitalization of $2.79 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 1.04 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $1.94 EPS. On average, analysts anticipate that Patrick Industries, Inc. will post 7.32 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Monday, August 26th will be paid a dividend of $0.55 per share. The ex-dividend date is Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.77%. Patrick Industries’s payout ratio is presently 32.59%.

Insider Transactions at Patrick Industries

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. DA Davidson lifted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Truist Financial upped their target price on Patrick Industries from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Benchmark assumed coverage on Patrick Industries in a research report on Thursday, August 29th. They issued a “buy” rating and a $145.00 price target on the stock. KeyCorp upped their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird increased their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $133.29.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.